This pair is bouncing from a strong resistance area visible at W1 chart.
We can see a bearish shark already completed. The price reacted well to the PRZ forming an engulfing bearish candle.
Some other confluence reasons.
- bouncing on D1 EMA 200 - long term trendline support - long term horizontal resistance - round level 1.35000 near the PRZ - double bollinger correction (not shown) - engulfing bearish candle - bearish shark
Best regards
Comments
PriceActionTrading
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Hi fulltimeprotrader,
similar idea posted 30mins ago.
nice to be on the same boat as you.
FullTimeTrader
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hello, yes, i saw the pattern on friday but the market was choppy then, i wanted to confirm it first. The engulfing bearish candle is the confirmation i was waiting for.
best regards
PriceActionTrading
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All the best to you too. Looking for 50% of the pattern or H1 50SMA rejection before entering.
FullTimeTrader
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The 0.50 or 0.61 fib retracement of last candle is a good strategy for a better R/R ratio
PriceActionTrading
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Yes definitely. the 50% or 61.8% does coincide with my H1 50SMA. so yea. more confluence
H1
similar idea posted 30mins ago.
nice to be on the same boat as you.